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National Retail Properties Q2 FFO up YOY; FY'19 guidance affirmed

National Retail Properties Inc.'s second-quarter funds from operations came in at 68 cents per share, in line with the S&P Global Market Intelligence consensus FFO per share estimate and unchanged from the year-ago period.

FFO available to common stockholders came in at $110.9 million, compared with $104.9 million in the 2018 second quarter.

Adjusted funds from operations for the second quarter increased from the year-ago period on a per-share basis to $112.6 million, or 69.0 cents per share, from $105.3 million, or 68.0 cents per share.

For the second quarter, net earnings came in at $70.1 million, an increase of 13.1% from $62.0 million in the comparable 2018 period.

The retail real estate investment trust affirmed its 2019 core FFO per share guidance in the range of $2.71 to $2.76 and AFFO per share at between $2.76 and $2.81.

National Retail Properties said it invested $275.8 million in property investments during the quarter, including the acquisition of 71 properties totaling approximately 1.7 million square feet of gross leasable area at an initial cash yield of 6.9%.

The REIT sold 13 properties during the quarter for $42.0 million, realizing $12.6 million gains on sales, net of noncontrolling interest.

During the quarter, the company also raised $82.0 million of net proceeds from the issuance of 1,531,684 common shares.